Pranav Constructions IPO
ListedMainboardOpens 7 September 2026Closes 9 September 2026
Incorporated in 2003, Pranav Constructions Limited (PCPL) is a premier Mumbai-based real estate redevelopment company specializing in residential, commercial, and mixed-use redevelopment projects predominantly across…
Incorporated in 2003, Pranav Constructions Limited (PCPL) is a premier Mumbai-based real estate redevelopment company specializing in residential, commercial, and mixed-use redevelopment projects predominantly across the Western Suburbs of Mumbai under the Municipal Corporation of Greater Mumbai (MCGM) framework. The company operates across the complete redevelopment lifecycle—including society tendering, regulatory clearances, architectural design, construction, and post-possession handover. As of March 31, 2026, PCPL has delivered 28 completed redevelopment projects with an aggregate developable area of 1.25+ million sq. ft., while actively executing 20 under-construction projects (1.63 million sq. ft.) and maintaining 17 upcoming projects (1.96 million sq. ft.) focused on economical, mid-and-mass, and aspirational housing segments.
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Key ratios
As per RHP / filingsTimeline
IPO Opens
7 Sept 2026
IPO Closes
9 Sept 2026
Allotment
10 Sept 2026
Listing
15 Sept 2026
IPO Timeline & Listing Details
| Event | Date |
|---|---|
| IPO Open Date | 7 September 2026 |
| IPO Close Date | 9 September 2026 |
| Allotment Date | 10 September 2026 |
| Listing Date | 15 September 2026 |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Retail (Min) | 1 | ₹14,880 |
Retail (Max)Just less than ₹2,00,000 | 13 | ₹1,93,440 |
SHNI (Min)Just above ₹2,00,000 | 14 | ₹2,08,320 |
SHNI (Max)Below ₹10,00,000 | 67 | ₹9,96,960 |
BHNIAbove ₹10,00,000 | 68 | ₹10,11,840 |
IPO Reservation Details
| Category | Reservation |
|---|---|
| QIB (Qualified Institutional Buyer) | 40.00% |
| NII (Non-Institutional Investor) | 15.00% |
| SHNI (Small Non-Institutional Investor) | 5.00% |
| BHNI (Big Non-Institutional Investor) | 10.00% |
| Retail | 45.00% |
| Total | 100.00% |
IPO Objectives
- Funding costs towards obtaining government and statutory approvals, purchase of additional FSI, and compensation to society members towards alternate accommodation and hardship compensation for Under-construction and Upcoming Redevelopment Projects (₹145.72 Cr).
- Repayment and/or pre-payment, in full or part, of certain borrowings availed by the Company (₹91.50 Cr).
- Funding acquisition of future redevelopment projects and general corporate purposes.
Strengths
- Recognized market leadership in housing society redevelopment projects across Mumbai's Western Suburbs under the MCGM framework, with 28 completed and 37 under-construction/upcoming projects.
- Comprehensive in-house redevelopment execution capabilities covering society tendering, liaisoning, regulatory clearances, structural construction, and post-possession management.
- Fast-track project execution cycle with an average delivery timeframe of 26 months from first commencement certificate to receipt of occupation certificate.
- Strong operational momentum with total income advancing at a 30.34% CAGR from ₹449.75 Cr in FY24 to ₹763.93 Cr in FY26 alongside a Return on Net Worth of 33.78%.
Weaknesses
- Heavy geographic concentration, with the MCGM region (predominantly Western Suburbs) accounting for over 99.5% of operational revenues across the last three financial years.
- Persistent negative operating cash flows (-₹92.60 Cr in FY25 and -₹41.19 Cr in FY26) due to substantial upfront outlays for municipal approvals, additional FSI, and tenant displacement compensations.
- Financial leverage with total borrowings of ₹258.44 Cr and a debt-to-equity ratio of 1.08x as of March 31, 2026.
- Vulnerability to regulatory bottlenecks, tenant litigations, and delays in obtaining commencement/occupancy certificates from municipal planning authorities.
Financial Performance
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets (₹ Cr.) | 1,799.19 | 1,246.29 | 966.8 |
| Revenue (₹ Cr.) | 763.93 | 638.24 | 449.75 |
| PAT (₹ Cr.) | 71.32 | 62.25 | 39.62 |
| Net Worth (₹ Cr.) | 246.7 | 175.59 | 88.37 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| Pranav Constructions | 4.38 | 19.59 | 33.78% | 246.7 |
| Kalpataru Ltd. | 3.11 | 21.45 | 13.37% | 455.37 |
| Arkade Developers Ltd. | 2.61 | 0 | 20.86% | 47.51 |
| Lodha Developers (Macrotech) | 5.34 | 29.54 | 14.72% | 228.6 |
Subscription Details
Daily Bids Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0.9x | 1.04x | 268.54x |
| NII | 11.14x | 45.85x | 217.73x |
| S-HNI | 14.21x | 50.11x | 169.07x |
| B-HNI | 9.6x | 43.73x | 242.06x |
| RII | 6.14x | 16.66x | 45.31x |
| Total | 6.03x | 19.13x | 126.34x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 45,29,358 | 1,21,63,22,400 | 15,082.4 |
| NII | 42,46,272 | 92,45,49,840 | 11,464.42 |
| Small NII | 14,15,424 | 23,93,03,520 | 2,967.36 |
| Big NII | 28,30,848 | 68,52,46,320 | 8,497.05 |
| RII | 1,27,38,816 | 57,71,71,560 | 7,156.93 |
| Total | 2,15,14,446 | 2,71,80,43,800 | 33,703.74 |
Company Details
- Pranav Constructions Limited
- Unit No. 1001, 10th Floor, DLH Park, Near MTNL, S.V. Road, Goregaon (West), Mumbai - 400 104, Maharashtra, India
- +91 22 6276 9939
- compliance.officer@pranavconstructions.com
- https://www.pranavconstructions.com
Registrar Details
- KFin Technologies Limited
- +91 40 6716 2222
- pcpl.ipo@kfintech.com
- https://www.kfintech.com/
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Sources
We match Pranav Constructions IPO IPO numbers with official sources. For final dates and allotment results, double-check the registrar or exchange.
- SEBIRules for IPO allotment and disclosures in India
- NSEExchange notices, bidding data, and listing updates
- BSEExchange notices and IPO allotment check tools
- RHP / Offer DocumentCheck the company RHP on NSE/BSE or the IPO detail page
- KFin Technologies LimitedOfficial site to check allotment status for this IPO
Also read our Editorial Policy, How GMP is calculated, How allotment chances work, and IPO fund allocation.
Reviewed by
Dinesh Agrawal · Lead IPO Analyst
15+ years in Indian markets and IPO research. He reviews IPO dates and key details before they go live.